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BUSINESS BRIEFING
Orange County Paper Kills Section
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The Orange County Register in Southern California is killing its daily stand-alone business news section.
The Register, which had daily circulation of 284,613 as of Sept. 30, also reported that it was creating six geographically zoned versions of its local news section to provide more localized news coverage and advertising exposure.
Newspapers have been cutting newsroom costs as readers and advertisers migrate to the Internet.
BANKRUPTCY
Printing Firm Files for Protection
Quebecor World sought protection from creditors in the United States and Canada after talks over a rescue deal failed. Quebecor, of Montreal, was unable to secure a $387.5 million financing package from its parent company and Tricap Partners, a private-equity fund run by Brookfield Asset Management.
Credit Suisse Group and Morgan Stanley agreed to lend $1 billion to help Quebecor meet operating needs.
BRITAIN
Northern Rock to Issue Bonds
Mortgage lender Northern Rock plans to issue state-guaranteed bonds to repay emergency government loans.
The plan significantly reduces the amount of money prospective bidders would need to raise to take over Northern Rock, as they would no longer face an obligation to repay $49 billion to the Bank of England.
EARNINGS
SL Green Realty, Manhattan's biggest office landlord, reported that profit rose fourfold in the fourth quarter as it increased rents in Manhattan by an average of 43 percent.
Profit rose to $128.7 million from $29.4 million in the corresponding period a year earlier, the real estate investment trust said. Full-year profit increased to $640.5 million from $200.1 million.
Funds from operations, a cash-flow measure followed by REIT investors, rose 27 percent in the fourth quarter, to $76.9 million. Funds from operations were $358 million in 2007, a 60 percent increase from 2006.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
